Indian benchmark indices managed to settle higher on Tuesday after six sessions of weakness following the outcome of Haryana assembly elections. RBI's upcoming monetary policy and Q2 earnings are key major factors to watch out for. BSE Sensex jumped 584.81 points or 0.72 per cent, to end the session at 81,634.81. NSE's Nifty50 surged 217.40 points, or 0.88 per cent, to close at 25,013.15 for the day.
Some buzzing stocks including Indian Renewable Energy Development Agency Ltd (IREDA), Tata Consultancy Services Ltd (TCS), Vedanta Ltd are likely to remain under the spotlight of traders for the session today. Here is what Pravesh Gour, Senior Technical Analyst at Swastika Investmart has to say on these stocks ahead of Wednesday's trading session:
Vedanta | Resistance: Rs 520-555 | Support: Rs 471
The metal sector has recently witnessed bullish momentum, with Vedanta being a stronger counter among its peers. The stock has recently retested its breakout level, forming a pinbar candle. If the market experiences a bounce back, VEDL could outperform. From a technical perspective, the first resistance level is at Rs 520, above that, a rally could push the stock further toward the 555 level. On the downside, a crucial support level is at 471, where the 20 DMA is located.
Tata Consultancy Services | Resistance: Rs 4,380 | Support: Rs 4,200
TCS has witnessed some profit booking from higher levels due to recent market conditions, but the stock has been trading near its important support zone. The counter has formed a base at its 100 EMA. Any pullback could lead to the Rs 4,380 level, where the 20 and 50 DMAs are located. Above the Rs 4,380 level, a rally could persist toward Rs 4,500. On the downside, Rs 4,200 will be the crucial support level.
Indian Renewable Energy Development Agency | Resistance: Rs 240-265 | Support: Rs 203-200
IREDA has formed a bullish engulfing candle on the daily time frame near its important support zone at the 100 SMA, along with a positive divergence in the RSI. This setup indicates a possible pullback, with Rs 240 being the first hurdle. Above that, a rally could stretch toward the Rs 265 level. On the downside, the Rs 203-200 range will act as an important demand zone.